The Evolution of the Exchange Rate from “Sacrosanct” Parity to Flexible Monetary Policy Instrument

  • Otmar Emminger
Conference paper
Part of the German Yearbook on Business History book series (BUSINESS, volume 1987)


Deutsche Bundesbank’s refusal to continue supporting the dollar at a fixed rate after the dollar nose-dived on March 1, 1973 triggered off an avalanche in the international monetary landscape. It resulted in the collapse of the Bretton-Woods-system of fixed parities and in the introduction of the mixed system of free floating and the European “snake”.


Exchange Rate Monetary Policy Central Bank Capital Movement Exchange Rate System 
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Copyright information

© Springer-Verlag Berlin Heidelberg 1988

Authors and Affiliations

  • Otmar Emminger

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